Entrepreneur Mr Pierce Casey has been appointed a director of the UK venture capital group, Alchemy Partners.

The company, which places funds for private investors in selected companies, last year attempted to buy Rover from BMW. It had reached outline agreement with the German car manufacturer but withdrew from the deal because it was unable to agree on certain contractual matters.

Mr Casey has a range of equity investments including a 15 per cent stake in the British computer services group, Fayrewood. In the Republic he has interests in Oakhill and Unidare.

He will be seeking investment opportunities in the Republic for Alchemy and will be assisted by Mr Brian Stephens and Mr Gavin Loughrey, who will become a director and associate director respectively of Alchemy Partners.

Alchemy is based in London with a consultant office in Frankfurt. It specialises in buyouts, buy-ins and the provision of later stage development capital. As well as the UK and Germany, Alchemy is also active in Switzerland and Austria.

The minimum investment starts at £5 million sterling (£6.2 million).

Alchemy was formed in January 1997 and is led by managing partner Mr Jon Moulton. It has advised on more than 50 transactions with in excess of £500 million of equity invested to date.

It specialises in turnaround transactions and public to private opportunities of which 13 have been undertaken in the UK and one in the US.

Its largest investments have been in the information technology sector but it is also active in the pub and hotel trade.